Dalton Philips, the chief executive of Dublin-based food group Greencore, has been chosen as The Irish Times Businessperson of the Month for July, an award run in association with Bank of Ireland.
On July 22nd, Greencore’s shares surged, after the sandwich maker reported third quarter revenues well ahead of analysts’ expectations.
Shares jumped as much as 11.4 per cent, hitting their highest level in at least five years.
The London-listed food group saw revenue for the 13 weeks to June 27th – Greencore’s fiscal third quarter – rise 9.9 per cent to £511.1 million (€588 million), it said in a statement.
RM Block
That was well ahead of the 3.3 per cent average increase expected by analysts. Sales were up 7.6 per cent for the fiscal year to date, Greencore added.
“While we are mindful of an uncertain economic backdrop and ongoing inflationary pressures, we now expect to deliver a full year adjusted operating profit of £118 million to £121 million, ahead of previous guidance,” Philips said.
In April, Greencore secured backing from Bakkavor’s board for a £1.2 billion purchase of its London-based peer.
This would create a convenience food business in the UK with combined revenue of £4 billion and about 30,500 employees. Existing Greencore investors would own 56 per cent of the group if the deal is given the green light by UK competition regulators.
